States Divert Mortgage Settlement Funds to Cover Shortfalls
Only 27 states out of 49 that received a total of $2.5 billion from the mortgage settlement with the top U.S. lenders have actually used the money to assist homeowners or hard hit communities affected by the foreclosure ...
Average Credit Card Rate Offered Holds at 14.91%
The average annual percentage rate (APR) on new credit card offers remained unchanged at 14.91 percent this week, marking the ninth week of 17 this year that rates have not moved, according to creditcards.com
The ...
Fed Sets Panel of Economists to Study Bank ‘Stress Tests’
The Federal Reserve has assembled a panel of economists to evaluate the “stress test” models that determine how the largest U.S. banks fare during an economic crisis.
The Model Validation Council will provide ...
Short Sales Up 33% as Foreclosure Option Stages Comeback
After a three-year lull, there has been resurgence in short sales – when properties are sold at a loss – indicating that banks are trying to push through inventories of pre-foreclosure properties.
There was ...
Citigroup Shareholders Vote Down CEO’s $15M Pay Deal
Citigroup shareholders voted down the bank’s $15 million pay package for its chief executive, Vikram S. Pandit, in a rare instance of opposition to inflated compensation from the very owners of a Wall Street institution.
The ...
Citigroup Regains Footing on Trading, Improved Loans
Citigroup’s performance in the first quarter improved – if an accounting adjustment cost is excluded – while the nation’s third-largest bank registered a big jump in fixed-income trading and improved loan ...
Mortgage Settlement ‘Monitor’ Set to Help Eligible Borrowers
A federal judge’s approval this week of the $25 billion mortgage settlement between the top banks and government officials has given the green light for Joseph Smith to officially begin the work of getting foreclosure ...
Regulator Finds Citibank in Violation of Bank Secrecy Act
The U.S. banking regulator – The Office of the Comptroller of the Currency – has ordered Citigroup’s Citibank subsidiary to stop violating the Bank Secrecy Act and correct lax monitoring of client accounts.
The ...
Tough Settlement Rules Add to Foreclosure Process Delays
The average borrower facing foreclosure didn’t see eviction for 253 days in February 2008.
Four years later, that potentially “rent-free” period for those who stay in their homes is up to 667 days, according ...
Credit Card Rates Decline After Two-Week Uptrend
Credit card interest rates decline slightly this week after two straight weeks of increases, according to CreditCards.com.
The average annual percentage rate (APR) fell to 15 percent, breaking a two-week run of ...




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